Philippines economy contracts 11.5% yr/yr in Q3

The Philippine economy shrank by more than expected in the third quarter, official data showed on Tuesday, as the country continued to suffer from the fallout of the COVID-19 pandemic despite easing coronavirus curbs. Gross domestic product shrank 11.5% in the third quarter from a year earlier, the statistics agency said, higher than the 9.8% contraction forecast in a Reuters poll.

The economy fell into recession for the first time in nearly 30 years in the second quarter with a revised contraction of 16.9%.

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